2464 Palmetto St

3 Unit Apartment Building $750,000 ($250,000/Unit) 4.71% Cap Rate Oakland, CA 94602

INVESTMENT HIGHLIGHTS

  • Potential to add additional dwelling units (ADU).
  • Located in the Dimond District in Oakland.
  • Two buildings, with the 3 bed 1 bath unit located in a cottage in the back.

EXECUTIVE SUMMARY

2462-2464 Palmetto St is an exceptional investment opportunity in the Dimond District in Oakland. This vibrant, triplex is located in the North East part of Oakland, offering a great location for both investors and tenants alike. This property features a versatile unit mix of one 4-bedroom, one-bath, one 3-bedroom, one-bath, and two 2-bedroom, one-bath units. With approximately 3,186 square feet of living space (buyer to verify) on a 0.24-acre lot, the complex provides an attractive blend of spacious units and some extra space to develop, offering substantial rental income potential for investors. The 2-bedroom, one-bath unit has forced heating, while the other two units have multiple wall furnaces. What truly sets this property apart is its location and potential to add additional dwelling units (ADU). Its proximity to Downtown Oakland makes it an ideal housing option for locals and people who commute to San Francisco, ensuring consistent high demand and low vacancy rates. The 4-bedroom 1-bath and the 2-bedroom 1-bath units are located in the front building and the other 3-bedroom 1-bath unit is located in a separate cottage in the back of the property. With enough space to build an additional unit.

FINANCIAL SUMMARY (ACTUAL - 2024)

ANNUAL ANNUAL PER SF
Gross Rental Income $59,628 $18.72
Other Income - -
Vacancy Loss $1,789 $0.56
Effective Gross Income $57,839 $18.15
Taxes $11,280 $3.54
Operating Expenses $13,027 $4.09
Total Expenses $24,307 $7.63
Net Operating Income $33,532 $10.52

PROPERTY FACTS

Price $750,000
Price Per Unit $250,000
Sale Type Investment
Cap Rate 4.71%
Gross Rent Multiplier 15.01
No. Units 3
Property Type Multifamily
Property Subtype Apartment
Apartment Style Garden
Building Size 3,186 SF
Average Occupancy 100%
No. Stories 2
Year Built 1940
Parking Ratio 1.26/1,000 SF

UNIT MIX INFORMATION

DESCRIPTION NO. UNITS AVG. RENT/MO SF
4+1 1 $2,575 -
3+1 1 $902.00 -
2+1.5 1 $1,492 -
Walk Score®
Walker's Paradise (91)
  • Listing ID: 34654639

  • Date on Market: 1/29/2025

  • Last Updated:

  • Address: 2464 Palmetto St, Oakland, CA 94602